Question

In: Economics

Before you started applying for university, a job recruiter offered you a full-time cashier position at...

Before you started applying for university, a job recruiter offered you a full-time cashier position at a department store earning an after-tax salary of $21,000 per year. However, you turn down this offer and attend your first year of university. The additional monetary cost of university to you, including tuition, supplies, and additional housing expenses, is $32,000.

Solutions

Expert Solution

Total opportunity cost of attending college= salary forgone+monetary cost of university

=$21000+$32000

=$53000.

You decided to go to college because you must be getting more satisfaction going college more than having $53000.

You value college more than $53000.

Rahul Sunny answered 3 years ago
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